House Judiciary Chairman, Jim Jordan, has issued subpoenas to the investment firms, BlackRock Inc. and State Street Corp. The subpoenas demand documents relating to the committee’s investigation into whether these firms’ initiatives to counter climate change violate US antitrust law, a matter brought to light by an individual familiar with the situation. Bloomberg Law reported on this development.
The committee is addressing allegations from critics of BlackRock Inc. and State Street Corp. who accuse the firms of collusion in their commitment to certain environmental, social, and governance (ESG) investments intended to combat climate change. This particular inquiry highlights the worsening relationship between Wall Street and the Republican Party, with the latter increasingly scrutinizing ESG initiatives.
Per the terms of the subpoena, the demanded documents are due to the committee by January 12, 2023. Additional subpoenas are currently being finalized and are set to be served to Glass Lewis and Institutional Shareholder Services Inc., further broadening the scope of the committee’s inquiry.